Gold survived selling, trapped in the bearish track

Gold bounced from a level near $1,280 and closed as bullish pin bar in the previous day. The outlook turns neutral after the bounce. However, gold still trapped inside the bearish track and could make another lower test. We expect the precious metal to trade between $1,280 – $1,300 until breakout happen. Traders could trade the range and take a position at each extreme.

Today critical level to watch:

Support: $1,280

Resistance: $1,300, $1,320, $1,325

Silver challenging $16.50

Silver turned up after fell in the previous day and close the day at the positive side. The price continues its upmove and reaches $16.50 resistance. There is no sign of breakout yet and no rejection too. If the bullish pressure enough, then we might see a breakout today or in later days.

Traders will monitor closely where the price closed at the end of the day.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil checkpoint at first extension

Crude oil makes a touchdown at Fibonacci extension level in the previous day and aiming to move higher. The situation supported by market fear on U.S sanction toward Iran and Venezuela. Both sanctions will curb crude oil circulation in the market and lead the price higher.

On the technical side, there is no major resistance to watch yet, and traders suggested to continue to adopt buy on weakness or buy on dip stance.

Today critical level to watch:

Support: $72.49, $70.00, $65.78

Resistance: $75.00